Here Is Why SEC Is Not Allowing Coinbase to Launch Lending: Evan Van Ness
WeekInEthereumNews founder Evan Van Ness suggested that U.S. regulators may be somewhat reasonable regarding coinbase launching lending products. According to Van Ness, the cause of the SEC's behavior may be rumors about the commissioner going after BlockFi, which is acting as an unlicensed hedge fund.
Previously, Coinbase CEO Brian Armstrong revealed the companys complicated communication process with the SEC regarding the new lending product that the company has planned to launch later this year. According to the thread on the Coinbase CEO's Twitter account, the SEC is being “unclear” about the legal guidelines.
Since the SEC is going after BlockFi, it cannot disclose the real reason behind the limitation of Coinbase's activity in the DEFI industry. According to Coinbase, the SEC has also required the company to disclose all potential customer data in order to function legally in the country. Obviously, in order to do that, Coinbase would have to put in place mandatory KYC for all of its users on both current and future platforms and products.
BlockFi is also a financial services company that is developing various cryptocurrency investment solutions for private investors like interest-earning accounts, crypto-backed USD loans and non-existent fee trading. According to the company's website, BlockFi is looking forward to working with U.S. regulators and laws.
But most likely, according to Evan, commissioners are still acting like regulators who are unwilling to understand what and why they are taxing or prohibiting. Previously, the SEC was connecting centralized lending and perpetual futures with unreasonably high leverage options to the DeFi industry, which clearly shows the uncertainty of the commission in terms of regulating the industry.
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Crypto King -Bitcoin Back above 60K: As SEC moves to approve first US Bitcoin Futures ETF.
The Crypto market has witnessed great volatility last week with Bitcoin attempting to reclaim the previous All time high (ATH) since March at $64k but stopped short at $62,888 after the news of the possible approval of a Bitcoin ETF this new week with Proshare Trust topping the list of the applied exchange for such approval. The possibility of approving the Bitcoin ETF comes after a decade of rejection for all applied ETFs. The SEC Chairman - Gary Gensler has hinted last month that he would be open to the submitted applications which is due for final approval this new week. Bitcoin could hit 100k within a short while if finally approved this week.
SEC Chair Gary Gensler responds to concerns about first Bitcoin-linked ETF
In the same interview, Proshares CEO Simeon Hyman opined that regulated futures traded in a 40-act ETF will open the opportunity to get BTC exposure to a lot of folks who may have been waiting on the sidelines.
Grayscale CEO: SEC Likely to Approve Ethereum ETF After Greenlighting First Bitcoin Futures ETF
Head of the largest crypto asset manager believes that after approving a Bitcoin futures ETF, the SEC is likely to bring an Ethereum-based ETF to the market
Coinbase Wants the U.S. To Revamp Crypto Regulations
The crypto exchange company published a four-pillar document today.
- Token conversion
- Exchange rate conversion
- Calculation for foreign exchange purchasing
- Please enter the number
- Current Currency
- purchasing price
- Amount Required